far2000
AMG Aficionado
Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter. Kodak says sales and profits from both digital and film-based photography products plummeted.
The Rochester, N.Y.-based company said Thursday that its loss amounted to 51 cents a share in the last three months of the year. That compares with a year-ago profit of $215 million, or 75 cents a share. Excluding one-time items, the loss came to $21 million, or 8 cents a share.
It says sales fell 24 percent to $2.43 billion, as digital revenue fell 23 percent and traditional film-based revenue slumped 27 percent.
Analysts surveyed by Thomson Reuters expected, on average, a profit of 21 cents a share on higher sales of $2.81 billion.
The Rochester, N.Y.-based company said Thursday that its loss amounted to 51 cents a share in the last three months of the year. That compares with a year-ago profit of $215 million, or 75 cents a share. Excluding one-time items, the loss came to $21 million, or 8 cents a share.
It says sales fell 24 percent to $2.43 billion, as digital revenue fell 23 percent and traditional film-based revenue slumped 27 percent.
Analysts surveyed by Thomson Reuters expected, on average, a profit of 21 cents a share on higher sales of $2.81 billion.
